Insurtech startup CXA Group raises US$25m, expects to break even next year

INSURTECH startup CXA Group has raised US$25 million in a bridge funding round for its expansion in the Asia-Pacific.

The latest round follows US$33 million in total funding from Series A and B in 2015 and 2017, respectively. Other investors in CXA include B Capital Group, Openspace Ventures, EDBI, BioVeda Capital, FengHe Asia, Philips and RGAx.CXA runs a Software-as-a-Service health and wellness platform. Businesses use this platform to give their employees access to a range of health, wealth and wellness offerings, personalised based on the individual’s health and life-stage data.

The fresh funds will be used to invest in engineering and data science, talent and acquisitions. CXA has made three acquisitions so far to scale the business, involving several brokerages and a Chinese check-up aggregator. The company has offices in Singapore, Hong Kong, Shanghai, Beijing and Jakarta, and engineers in China, India and Singapore.

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